Copper, Uranium and Lithium Forecast: Will the Sell-Off Deepen?
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Key Points:
- Copper risks a drop towards $6 if $6.50 support fails.
- Nuclear power agreements support uranium’s long-term demand outlook.
- The Sprott Lithium Miners ETF has key long-term support at $9.
Copper (XCU) dropped on Thursday as uncertainty over U.S. tariffs added to selling pressure. Uranium and lithium also weakened ahead of the U.S. inflation report. A strong inflation reading could increase the expectation for a Fed rate hike. The higher borrowing costs could then slow construction and manufacturing and weigh on copper and lithium demand. In my view, these demand drivers remain encouraging but the correction could deepen if key support levels fail. This article presents the key drivers and technical levels that may shape the next move in copper, uranium and lithium prices.